Hitech Corporation delisting: RBB dates, ₹353 bid 2026

Hitech Corporation Limited has moved a step further in its voluntary delisting process after receiving a Detailed Public Announcement (DPA) for the delisting offer. The company informed exchanges that the DPA is dated September 25, 2026, and was published on September 28, 2026. The announcement was issued by Kreo Capital Private Limited on behalf of the acquirer, Geetanjali Trading and Investments Private Limited, which is part of the promoter group.

The update matters for investors because the DPA sets out the key offer mechanics, including the indicative price and the reverse book building (RBB) schedule. It also follows in-principle approval from BSE and NSE, which is a necessary step but not the final regulatory clearance for delisting. The next visible milestone for public shareholders is the RBB window in October, when bids can be placed.

What the Detailed Public Announcement says

As disclosed by Hitech Corporation, the DPA was issued by Kreo Capital Private Limited, acting as manager to the offer, for Geetanjali Trading and Investments Private Limited. The DPA is dated September 25, 2026, and was carried in Business Standard, Navbharat Times, and Mumbai Lakshadeep on September 28, 2026. The company stated that the filing was also submitted to BSE and NSE for regulatory compliance.

The DPA is part of the SEBI (Delisting of Equity Shares) Regulations, 2021 process, which requires a structured set of disclosures and timelines. While the DPA signals that the process is advancing, it does not by itself confirm that delisting will be completed. The final outcome depends on the RBB results and subsequent exchange approvals after compliances are verified.

Who is the acquirer and what is being purchased

The acquirer named in the disclosures is Geetanjali Trading and Investments Private Limited, described as a member of the promoter group. The DPA notes that the acquirer proposes to acquire up to 43,91,220 equity shares from public shareholders. This quantity represents 25.57% of the company’s total paid-up equity share capital, as stated in the announcement.

Separately, Hitech Corporation’s filings also note that the promoter group holds about 74.43% to 74.44% of the equity share capital. This promoter holding level is consistent with a delisting structure where the remaining public float is sought through the RBB process. The company has described itself in one update as a capital goods firm, and in another as a packaging company, reflecting how the business is categorised across market commentary.

Indicative price and the reverse book building framework

For the RBB process, the acquirer has stated an indicative price of ₹353 per equity share. The disclosures also reference a floor price of ₹252 per share, and mention that ₹353 represents a 40.08% premium over the floor price. In an RBB, public shareholders can tender shares at or above the floor price, and the discovered price is determined based on bids and acceptance criteria under the delisting regulations.

Investors should note that “indicative price” is not the final delisting price. The discovered price can differ depending on how shareholders bid during the RBB window. The process then moves to acceptance and settlement steps, subject to regulatory checks and the stock exchanges’ verification of compliance.

Key dates: bid window and publication details

The DPA provides a specific schedule for the public shareholder bidding period. The bid period will open on October 7, 2026, and close on October 13, 2026. This is the window when eligible public shareholders can tender shares as per the RBB mechanism.

The publication details are also part of the regulatory trail. Hitech Corporation stated that the DPA was published on September 28, 2026, in Business Standard, Navbharat Times, and Mumbai Lakshadeep. Such publication is a standard requirement to ensure wide dissemination of the offer details.

In-principle approvals from BSE and NSE, and what they mean

Before the DPA publication, Hitech Corporation received in-principle approval from both BSE and NSE for voluntary delisting. The approvals were received via letters dated September 25, 2026, after the company applied to the exchanges in July. The company also disclosed that the application for delisting was received by BSE on July 10, 2026.

However, the company and market commentary both emphasised that in-principle approval is not final approval. The exchanges can issue final approval only after confirming that all specified compliances have been met. The in-principle approval also comes with conditions, including a requirement that there should be no pending litigation or action that could materially affect shareholder interests.

How the delisting process reached this stage

The delisting proposal has moved through multiple procedural checkpoints in 2026. The board considered and approved the voluntary delisting of equity shares at its meeting scheduled on June 9, 2026, alongside review of due diligence as required under the SEBI delisting framework. Shareholders approved the delisting initiative on July 10, 2026, through a special resolution.

Hitech Corporation also disclosed that it submitted updated due diligence and share capital audit reports to BSE and NSE on September 8, 2026. These filings were made to address an NSE query about the period covered in earlier documents, and the revised reports were approved by the board through Circular Resolution No. 3/2026-27. The sequence highlights that the exchanges are actively reviewing the procedural record before granting final clearance.

Regulatory conditions and timeline constraints

The in-principle approvals outline timeline discipline under the delisting regulations. One key requirement disclosed by the company is that the final application for delisting must be filed within one year of the special resolution. The company also stated it must continue to comply with SEBI (Delisting of Equity Shares) Regulations, 2021, including applicable amendments, for remaining steps.

Another disclosed condition is the confirmation that there are no litigations or actions pending against the company that have a material bearing on shareholder interests. These conditions underline why the company clarified that in-principle approval should not be construed as final approval. The exchanges will verify compliance before allowing the delisting to be completed.

What this means for public shareholders and trading

For public shareholders, the most immediate action point is the RBB bid period between October 7 and October 13, 2026. During this window, investors who wish to participate can tender shares in line with the RBB mechanism and pricing rules. Because the acquirer proposes to buy up to 25.57% of equity from public shareholders, the offer is structurally designed to move the company toward a privately held status, if the delisting succeeds.

For the market, the RBB stage typically concentrates attention on offer terms, participation levels, and the eventual discovered price. But the company’s own disclosures stress that completion is not assured at the in-principle stage. The process remains subject to compliance verification and final exchange approval after the RBB and subsequent procedural steps.

Snapshot table: key facts from Hitech Corporation’s filings

Timeline: from board approval to RBB window

Market impact and why the numbers matter

The disclosure of ₹353 as an indicative price and ₹252 as a floor price frames how the delisting offer is positioned at the start of the RBB process. The company’s notes that ₹353 is a 40.08% premium over the floor price provide a numeric anchor for investors tracking the offer terms. Another data point cited in market commentary is a market capitalisation of about ₹567 crore, which helps contextualise the size of the public float being sought.

At the same time, the company’s repeated clarifications about in-principle approval not being final are significant. From an investor protection standpoint, the exchanges’ conditions on litigation status, procedural compliance, and the one-year timeline for filing the final application create checkpoints that can affect timing. For shareholders, the key practical consequence is that participation decisions must be taken during the stated RBB window, while recognising that final delisting completion is contingent on the post-bid regulatory process.

Conclusion

Hitech Corporation’s voluntary delisting has progressed to the DPA and RBB scheduling stage, with the promoter group entity Geetanjali Trading and Investments proposing to acquire up to 25.57% of equity from public shareholders. The indicative price has been stated at ₹353 per share, and the RBB bid period is scheduled from October 7 to October 13, 2026.

The company has also highlighted that in-principle approvals from BSE and NSE dated September 25, 2026 are not final approvals, and that final clearance will come only after compliance verification. The next confirmed step is the opening of the RBB window in October, after which the delisting process will move to acceptance and exchange review stages as per SEBI regulations.